Considering where the local Real Estate Economy is compared to recent years and that retail typically struggles more than Office or Industrial properties during down times, it’s rather amazing that the local Retail Market is as healthy as it is.
CENTRAL TEXAS COMMERCIAL REAL ESTATE
Newcomers such as Sprouts are keeping retail market healthy.
By Shonda Novak
Wednesday, August 05, 2009
Central Texas’ retail market is holding its own during the recession, with occupancy at midyear at 92 percent, down from 92.5 percent a year ago, a new report says.
The Austin area “continues to see one of the most active leasing markets in Texas,” spurred in part by job growth that, until recently, had remained in positive territory during the economic downturn, according to the Weitzman Group, a Dallas-based retail brokerage firm.
While some national retailers have closed their Austin stores, newcomers have moved in to take up some of the space. The new retailers include Sprouts, a natural food grocer that plans five Austin area stores.
The list includes one at Anderson Mill Road and Hwy. 183, as well as previously announced locations in the Arboretum area, Sunset Valley, Round Rock and Rollingwood.
Austin’s first Nordstrom Rack will open in a former Linens ‘n Things store in the Arboretum area in October.
Shoe Pavilion’s former Brodie Lane location will house Austin’s first Buy Buy Baby store, while Staples took the space Shoe Pavilion left at the Mueller redevelopment in Northeast Austin.
Wednesday, August 5, 2009
Austin Business Journal
Austin’s retail market has seen a drop in occupancy as national retailers have pulled out of space, but thanks to backfilling by tenants like Sprouts Farmers Market, the impact hasn’t been severe, according to a mid-year report from The Weitzman Group.
The Austin retail market’s occupancy rate is 92 percent, down from about 93 percent at the same time last year, the report said.
Most of the current retail vacancies come from junior anchors that closed, including a 50,000-square-foot Sportsman’s Warehouse in Round Rock and national chain stores like Circuit City, Linens n’ Things and Shoe Pavilion.